Cistran Finance
Exploring the Spirit of Capitalism's New Frontier

Alfa Bank reports solid operational results for 2014

Alfa Bank released its initial results for 2014 on Tuesday in accordance with Russian Accounting Standards.

The bank said there was apparent growth in multiple areas in 2014. It said its average market share in on-demand funds reached 7.25 percent, approximately 0.26 percent above the figure in 2013.

The bank said its loan portfolio to retail business reached approximately $4.6 billion in 2014, which is a growth of 26 percent over last year. Overall lending from Alfa Bank increased in 2014. Its credit card portfolio grew by 45 percent and held a market share of 18 percent across the federation.

"We finished last year with good performance -- the numbers in all areas of retail business and the increase in the number of clients speak for themselves," Mikhail Povalii, head of the bank's retail business division, said. "In 2015, banks will operate under conditions of uncertainty and instability of the economy, and we need to learn to live and work in new ways."

The bank also reported that it opened 49 new branches throughout the country in 2014.